411homerepair.com

Latest Articles

5 Tips for a Quality Water Damage Restoration Project

There are several situations that can lead to water damage in the home. Anything from natural disasters such as typhoons and whirlwinds, which...

on Nov 30, 2020

How to Create Ventilation System in the House by Yourself

Do I need ventilation in my private home? This question was not so topical until recently. Ecological "breathable materials", wooden windows,...

on Nov 30, 2020

6 Essential Features of a Good Damp Proofing Company

Dampness is a problem that must be treated properly and immediately to prevent it from causing serious damage to your property. This means that...

on Nov 30, 2020

7 Versatile Furniture Pieces For Your Home

If you are moving into your first apartment or are working to replace the college apartment furniture with quality stuff, it is recommended to have...

on Nov 27, 2020

Most Common Appliance Issues and What Causes Them

Domestic appliances can last a long time if maintained properly, but even the most well looked after ones will start to show signs of wear and tear...

on Nov 22, 2020

Who Pays for What in Real Estate?

by Guest on May 15, 2012

One very common question of real estate transactions is, "Who pays for what in a real estate transaction". Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by buyer's lender
  • Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees and any Prepayment Penalties
  • Termite Inspection (according to contract)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner's dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary Fees
  • Escrow Fee

 

The BUYER could generally be expected to pay for the following.

  • Title Insurance Premium Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer's name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those require by the lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/Change of Records fees for takeover of existing loanBeneficiary Statement Fee for assumption of existing loan
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • City transfer/Conveyance Tax (according to contract) Fire insurance Premium for the first year
Residential and commercial real estate is very different in one way but very similar in the other. The fees paid for commercial properties are way higher than for residential and they depend on a real estate agent’s ability to market the property. So if you are planning to sell your commercial property fast be aware of some of the fees you’ll need to pay to your broker when the transaction finalizes.

Author

Guest

Guest

Sponsored Articles

Random Articles

Contractors Save Time and Money - Really?

Not to put down contractors as a whole, but it seems that everyone has been there. Shoddy work, over budget, and stretching a project out for...

Hire Contractors / Estimates

How to Clean a Bathroom Fast | A Step by Step Guide

Does cleaning the bathroom feel like the absolute worst house chore ever invented? Maybe you’re just looking at things in the wrong light. In...

Cleaning / Maintenance

Choosing the Right Food Processor for Your Culinary Needs

For any home cook enthusiast, there are a number of essential appliances which will be found either in their kitchen already, or on their wish...

Appliance / Repair

Finding a Local Contractor for Your Glass and Mirror Needs

When it comes to adding a bit of sparkle to your home, your choice of windows and mirrors are absolutely crucial. A beautifully whitewashed house...

Hire Contractors / Estimates

Different Kinds of Safes

Upon mention of the word “safe”, several things probably come to mind. Some think of those in homes with jewelry and wads of cash, others may...

Safety / Security

Actions

Contact Us | Submit Article | 411homerepair © 2020